A little white knight ..

I’ve two kids in college and we’ve in the poor house since. Normally international payment wound not have concerned me a bit cause, well, we’re so domesticated. But my aunt and uncle in Beijing wanted to lend us a helping hand. Suddenly trafficking money internationally becomes my hobby. One of the universities in DC loves their overseas kids so much that they decided not charging any fees when the payments are coming elsewhere, as long as it has been converted in the dollars.
I was happy.
However, that happiness proved to be short lived.
After brief poking around, I realized (duh… Hey I’m not an investment banker, okay?) that in order to have the Greenbacks, I need a local bank in China.
Ha!
The local bank, for example, ICBC, sure would talk to the university’s bank on my behave but for a fee:
Over the counter, 0.1% of the amount sent, (min 50 RMB, max 260 RMB) plus 150 RMB wire transfer fee.
Over the Internet 80% of 0.1% (20% discount) of the amount sent, (min 16 RMB, max 160 RMB) plus 100 RMB wire transfer fee.
(Currently the rates are dancing around $1= 6.2 RMB)
SOOOO … Oh well. I was not too happy.
It takes some money to send money.
Then one day I was looking for something else on my other child’s school and discovered pT, short for PeerTransfer, the god sent white knight who made all my money trouble goes away.

Mission accomplished.

About The Kibbitzer

bio info .... mmmm ... still working on it ... will add soon ...
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